I just can't think of many drawbacks with Wholetailing. 

The drawback is the interest rate will be at least a percent or two higher than Conventional financing. 

What are other benefits and drawbacks of doing this?

Draw back is this would be my first big project, I’ve helped with flips before, but nothing like on a property this big.

The biggest challenge / drawback of the location is parking. 

But is there anything else I'm not thinking of that could be a drawback?

I think your 7-hour distance is a serious drawback that will cause serious problems with dealing with contractors and the time to complete the project will take 1 to 2 years if you are not hands-on and not driving the contractors to do good work and complete the work within a reasonable amount of time. 

FHA generally has a lower interest rate, but comes with the drawback that the mortgage insurance stays on for the life of the loan.

Are there any drawbacks?

I see drawbacks to each of these options, but what do you all think?